THE N W YORKER owed it $5,700,000.) Earlier in the week, George Champion, chairman of the Chase, had telephoned Funston; not only did the Stock Exchange have a friend at Chase, Champion assured him, but the bank stood ready to give any help it could in the Haupt matter. Funston now called Champion and said he was ready to take him up on his offer. He and Bishop then began to try to assemble representatives of the Chase and the three other banks for an imme- diate conference. Bishop remembers that he felt highly bearish about the chances of roundIng up a group of bankers at five o'clock on a Friday- even such an exceptional Friday as this one-but to his surprise he found prac- tIcally all of them at their battle stations and willing to come straight to the Exchange. Funston and his fellow-negotiators for the Exchange-Chairman Watts and Vice-Chairman Walter N. F rank conferred with the bankers from shortly after five until wen into the dinner hour. The meeting was constructive, if tense. "First, we all agreed that it was a de vi] of a situation all around," Fun- ston recalls. "Then we got down to business. The bankers, of course, were hoping that the Exchange would pick up the whole thing, but we quickly dis- abused them of that notIon. Instead, I made them an offer. We would put up a certain sum in cash solely for the benefit of the Haupt customers; in ex- change for every dollar that we put up, the banks would defer collection-that is, would temporarily refrain from fore- closing-on two dollars. If, as we then estimated, twenty-two and a half mil- lion was needed to make Haupt sol vent, we would put up seven and a half, and the banks would defer collection of fif- teen. The} weren't so sure about our figures-they thought we were too low-and they insisted that the Ex- change's clainl to get back any of its contribution out of Haupt assets would have to come after the banks' claims for their loans. We agreed to that. We all fought and negotiated, and when we finally went home there was general agreement on the broad outline of the thing. Of course, every- one recognized that this meeting was only preliminary-to begin with, by no means all the creditor banks were represented at it-and that both the detail work and much of the hard bar- gaining would have to be done over the weekend" ] ust how much detail work and hard bargaining lay ahead became manifest on Saturday. The Exchange's board 177 .. s To All Foul' Capitals ^< : ... . \ . .... .:< ".' .... .......:. .':' '. ..... .' \ . '.' . . .. . . . ... .... '". ." ". ".". 0". . ". . . .. .. .. .". . . . .......Î .þ... '". . ..., :f": x . -)' . :' . .' ':: 1>' ." ':':: Call your Travel Agent or NEW YORK : MIAMI JU 6-6040 . 377-8866 Bogota : .... > , ", Quito Lima Buenos Aires Call the girl in the RED RUANA@ for South Amenca's finest hospitality. Your choice of 9 southbound Jet flights weekly. From U.S. West Coast immedi- ate Jet connections in New York and Miami-also thru Mexico City. Ask about Pay Later Plan. Since 1919 ....-- T.he Colombian Airline . . . . . . . . CH ICAGO 922-0085 LOS ANGELES MA 6-4306 . . WASHINGTON, D. C. 296-2135 .